Tips on raising saving-savvy children

Jean Chatzky, a writer for Daily Finance, offers some tips in a recent article on how parents can help their kids learn the principles of saving in a new generation.

Setting a good example for your kids and showing them how you save money is one way of teaching them about money.

“Next time you pass up a splurge while you're with them — whether it's a latte or a new throw pillow for the couch — explain that you did it because you can't have everything you want and money in the bank too,” Chatzky wrote.

Being the financial exemplar means that you can’t give in. Setting saving goals and cutting back on spending, then splurging on extra expenses shows children that goals can be abandoned on a whim.

The rising generation is geared toward technology, so teaching children how to bank online will help them understand.